58-5-57. Reduction of capital of stock insurer--Disapproval by director, grounds.
If an amendment of articles of incorporation would reduce the authorized capital stock of a stock insurer below the amount thereof then outstanding, the director shall not approve the amendment if he has reason to believe that the interests of policyholders or creditors of the insurer would be materially prejudiced by such reduction.
Source: SL 1966, ch 111, ch 16, §8 (2).